Niger and China in $5 Billion Oil Deal
The West African nation of Niger signed a $5 billion deal with China’s state-owned oil company to tap the impoverished country’s oil reserves within three and a half years.
China National Petroleum Corp. pledged to invest in exploration, drilling, pipelines and a refinery.
Niger hopes to start extracting oil from the area before the end of 2011. The area has estimated reserves of 324 million barrels.
